Craig Whyte trial for fraud over Rangers purchase underway
By PA Sport
Last Updated: 20/04/17 6:07pm
Former Rangers owner Craig Whyte has gone on trial on Thursday accused of a fraudulent acquisition of the club.
The 46-year-old faces two charges relating to the 2011 purchase, one of fraud and another under the Companies Act.
It is alleged Mr Whyte pretended to then Rangers owner Sir David Murray, and others, that funds were available to make all required payments to acquire a "controlling and majority stake" in the club - including clearing an £18m bank debt, £2.8m for the "small tax case" liability, a £1.7m health-and-safety liability and £5m for the playing squad.
The Crown alleges Mr Whyte had only £4m available from two sources at the time but took out a £24m loan from Ticketus against three years of future season ticket sales "which was held subject to an agreement or agreements being entered into between the club and Ticketus after said acquisition".
The second charge under the Companies Act centres on the £18m payment between Mr Whyte's Wavetower company and Rangers to clear a Bank of Scotland debt. Mr Whyte has pleaded not guilty to both allegations.